tv Bloomberg Best Bloomberg September 25, 2016 5:00pm-6:01pm EDT
♪ angie: coming up on "bloomberg best," the stories that shaped the week in business around the world. central banks in tokyo and washington are in the spotlight and on the spot. >> i do not think anything is a pledge from janet yellen anymore. >> people with capital are really enjoying this environment. >> is this sustainable over the long term? >> no. angie: heads of state speak boldly about their national challenges. heads of companies speak frankly about international opportunities. >> i say it's all terrible. >> we are more cautiously optimistic. >> i believe the potential for us is 10 times what it is now. angie: plus, wells fargo under
fire, samsung under pleasure, and the transpacific partnership under a microscope. >> tpp is not the answer. >> global trade will go on, whether we are participating or not. it's up to the united states to lead. angie: it's all straight ahead on "bloomberg best." ♪ angie: hello and welcome. i am angie lau. this is "bloomberg best." your weekly review of the most important business news from bloomberg television around the world. the week began with a jolt as the u.s. government officials investigated weekend bombings in new york and new jersey. an arrest on monday answered some questions and raised others still. ♪ >> a man identified as a suspect in planting bombs in manhattan
and new jersey was captured today following a shootout with police. the weekend attack has put terror back on the front burner for the presidential campaign. angie: you can see there a live shot of donald trump in fort myers, florida. my question to you is that the bombings seem to play right into his hands, given his rhetoric on closing down borders and kicking muslims out of the country. do we presume he makes hay out of this the next few weeks and drop issues like economic policy by the wayside? >> i think so. i think this will be the single most important thing that people will talk about on the campaign trail the next few days. it becomes about who can crackdown the most, drop the most bombs, and who can offer the most aggressive and fierce response, than donald trump will have a leg up. but if it's about can have the most measured response and who has the experience and
background to not overreach, then hillary clinton has a leg up. ♪ matt: breaking news on wells fargo. the ceo just finished taking questions from the senate banking committee moments ago. stumpf struggling to calm outrage in congress after the bank's employees openly authorized accounts for its customers that the customers in a lot cases did not know about or did not want. what was it like in that room? erik: of all the hearings i have attended, and i have attended a number involving wall street ceos, that was the most merciless beatdown of a hearing i can imagine. they gave john stumpf no quarter. they turned him into a piñata. that is a word that comes to mind. john stumpf rejected the accusation that this was a scam, that it was widespread and systemic. he said it only affected 1% of the wells fargo 268,000-odd employees.
that did not really go very far with the senators, who kept coming back to the fact that it was 5300 employees who have been fired, with some 2 million accounts. it was across the country with a concentration in california and arizona, and new jersey. and the senator from montana, he said directly to him -- "you have done something that has not happened in 10 years in uniting this committee and not in a good way." >> what is your biggest take away from mr. stumpf? >> my biggest take away is unanswered questions, when did this start? did it start in 2011? did it start in 2008, 2007? is it widespread with other big banks? i hope it is not, but it's very indicative of some of the things that have gone on with some of the biggest banks in the country. a lot of people just do not trust them.
>> the boj has shifted its focus to controlling the base. governor haruhiko kuroda said the base target which they previously fixed, may now fluctuate in the short term. policymakers seeking to control the curve. and talk us through the details that have been announced by the people in the room behind you. >> as far as the expansion of stimulus is concerned -- we're talking the two main levers -- negative rates and expansion of the asset purchase program -- they basically kept those things unchanged. they kept the policy rate at -10 basis points. but the key take away from what they did was the refocusing. their main focus now is on the yield curve. they don't want the yield curve to flatten. as far as the boj is concerned, they have said a flat yield curve is very bad for the economy. >> on the one hand, they have said they have given up this idea of a time frame of hitting a 2% inflation. they have lost credibility, so they are waving the white flag.
but on the other hand, they are talking about taking enough measures to make sure they overshoot 2%, assuming that was once a central bank thinking. that in its own way will undermine credibility around the boj. it has been a day of mixed signals and disappointment that the boj has not taken new steps to try to stimulate price pressure or keep the economy from ticking over. it is more of a pat on the back for themselves that things are going smoothly. and really, poor lending at the rabbit out of the hat. scarlet: erik schatzker is standing by as get closer to the announcement. erik: no change in interest rates, no change, but a strong suggestion that there will be a quarter-point hike before the end of the year. you can see it, of course, in the dots. 14 of 17 fed officials expect to end 2016 with a benchmark rate of at least 50 points for the
first time since december of 2014. we are talking about almost two years. three policymakers -- three, dissented from the majority. eric rosengren, loretta mester, and esther george voted to raise interest rates to half a point at the meeting. matt: did you think we got what we expected? torsten: i think the major breaking news is definitely the dissents. for a long time, we have been interpreting all kinds of fed speak. some have moved in one direction and more in the other direction, but at the end of the day, the vote matters. matt: but didn't we know that? they each had given a speech in the past few weeks indicating that's what would happen. torsten: previously, we have had speeches where they have not dissented. so i think the fact they are voting for this makes a huge difference, and it sets us up for expectations in the future because part of the committee has said, "i have been loyal,
but now i feel it's time to go," and i think it's an important development that we should pay attention to. ♪ matt: hedge fund manager leon cooperman is being accused of insider trading by u.s. regulators over his buying and selling of atlas pipeline partners shares before material event. the sec is charging that he used his status as one of the largest shareholders in the company to get access to confidential information about those events. for his part, he disagrees with the sec, saying he is not engaged in any unlawful conduct. >> the sec alleged that mr. cooperman and omega had inside information from company executives inside a company called atlas pipeline partners. an oil and gas producer. the charges relate to trades around 2010, particularly the summer of 2010. and they say the hedge fund had information ahead of time that atlas was going to sell an asset in july.
and when that sale happened, the stock jumped about 30%. and to the hedge fund made about $4 million. matt: how bad can this be? typically when the sec brings charges, you end up with a fine. maybe you cannot trade for a year. what are we thinking? >> leon said he can settle for less than he gives to charity every year. for him, this is about his reputation, which is sterling and massive in the industry historically. he is going to fight it all the way. francine: breaking news out of the eurozone. manufacturing pmi is better than expected, and services pmi is worse than expected, and it's also a fall. services pmi falling to 52.1. we had a cost of 52.8. manufacturing actually better than expected. that means we may see a little bit of strength in germany. we did have some contrasting, to say the least, data over the last couple of weeks. mark: when you look at the compass it index, services and
manufacturing, we are at a 20 month low. that is interesting. does that tell us we need more stimulus from the ecb? the big reason was germany. the service sector there barely eking out any growth. >> in many ways, this is disappointing. if you are the ecb and started your qe program, march 2015, you would be hoping it had a very big effect. it did not have a very big effect. basically, the number we had today was skewed lower by germany. the services sector not performing. the outlook for the germany manufacturing sector is better. but taken in the round, you are looking at a number of 52.6. that is the lowest number since qe was announced in january of 2015. we have been having a conversation about whether or not monetary policy is able to deliver from here on in. i think today, we have some data that suggest the eurozone is not reacting the way it once did. the ecb is getting less bang for its buck.
♪ angie: this is bloomberg best. i am angie lau. let's continue our global tour of the week's top business stories. in china, where official attempts to cool down the red-hot property market does not seem to have an effect. >> august proved to be a bumper month for china. property sales, despite local governments is bringing the market down. the value of homes jumped 33% last month.
if you look at it and you lies, -- and analyze, 62.4% shanghai house prices on the way up. that is more than a bubble. >> it is pretty staggering. and if you look across the board, the statistics board in beijing looks at, of those, 74 -- 64 saw price rises. that compares to 51 in july. if you break it down, some of the best performers, some of these cities where you have seen policymakers put in place policies to help try to cool the property figures. for example, making it harder. you have to put down more of a deposit. on the other side, the conundrum china faces. the third and fourth tier cities where there is a surplus of apartments, and policymakers there are under pressure to offload those. prices remained flat, if not falling, so this conundrum continues. we heard from a chief economist from the pboc, who said they
will take action to tackle the bubbling property market. alix: allergan is making a purchase of tobira. it could be of the $1.7 billion. take a look at that rally in tobira shares. up over 670%. the premium is what is striking. the premium rate almost 500%. if all the goals for tobira is met, it could be much as 1500% premium. >> right. this is a really big market opportunity. that is what allergan is going after. they have a gastrointestinal franchise, but this would really build it out to a large opportunity. this is a bigger opportunity then hepatitis c, which is huge in the news. it is basically a fatty liver disease that's not caused by alcohol but more on the genetics side. so it is a huge opportunity and a huge cause of liver transplants by 2025. so they are setting themselves up right, and the deal is structured smart.
they are paying 1/3 now and 2/3 later it successful. >> samsung is trying to distance itself from problems with the note 7 in the crucial chinese market. we have heard reports of overheating smartphones in china, but samsung saying don't blame the batteries? >> you have to remember, the batteries used in the samsung note 7 on sale in china is a different company than those we used in the worldwide recall. excluding china from south korea to the u.s. those batteries, which we know have overheated, were made by samsung fdi, an affiliate of samsung. but in china, they used another company. they have done a proven investigation of phones overheating in china, and found it does not have anything to do with the battery. this is a crucial win for samsung in the crucial chinese market. it is the world's largest smartphone market. they are trying to push ahead and make sure they maintain market share over apple.
but as a precaution, they will recall close to 2,000 samsung note 7's in china for presale. angie: hanjin shipping shares surging in south korea up to 30% after its largest shareholder, korea air, signed off on an emergency loan of $54 million. the question is, is this a band-aid solution or have they found the cure to the woes of hanjin shipping? >> unfortunately, no. they have not. this will be a temporary relief for hanjin, because they have been incurring so much cost from these vessels that have not been returned. it will help them briefly from compiling more debt than they need now. but it will only be temporary. the fundamental issue will be what the court decides and what sort of revival plan hanjin management comes up with.
we will only know when they submit that. on >> transport giant moeller-maersk is splitting into two. it will split its shipping and energy operations into two separate companies. the world's biggest container shipping company has been suffering due to low freight suffering due to low freight rates and a 60% drop in crude oil over the last couple of years. how much value does this unlock? >> probably, let's say 10%. a 1000 at 1500 per share. francine: how do you analyze the two companies? do you look more at macro environments to suggest the health of the company going forward? or is this an individual company story? >> it is a macro story going forward, of course, and an individual story going to the energy side. fundamentally, it's about the container market. we are seeing quite a significant improvement through a wave of consolidation. there is a lot of scrapping
going on. no new orders coming in. it will improve within the next 18 months. that would put a significant lift to earnings in the maersk line. alix: oil was declining 1%. they moved positively. here is why. the saudi's offered to cut oil output if iran freezes in their output. this is a five day chart of what has happened to oil. what is it about? is it the opec meeting monday? is it about the fed or the dollar? is it a risk on rally? >> i think the oil prices this week benefited from the fed. and some stats we got from the department of energy showing crude oil dropped again a second consecutive week. but i think oil caught a break. the next big thing coming up is a producer meeting in algiers. and if there will be a second one, an official opec meeting in vienna in november. in the end, it is no sweat off
♪ angie: welcome back to "bloomberg best." i am angie lau. political leaders from around the world gathered at the united nations general assembly this week, and several heads of state took time to speak with bloomberg television. brazil and turkey are both dealing with political controversy and economic challenges. here are our highlights with the conversations with their presidents. ♪ erik: mr. president, how long is it going to take to close the budget deficit? how many years? because i think it has to be
years. before brazil has a primary surplus. pres. temer: that's true. we took office and inherited a deficit of 750 billion brazilian reals. we have established measures to reduce the deficit to 130 billion brazilian reals. and i believe in 2018, we will still have to live with a small deficit. but all of that is the result of fiscal policy aimed at lowering inflation. there's also a trend that we will reach the center of inflation target, which is 4.5% next year. and as i said before, we also want to create many jobs. i confirm what you just stated. it could be two or three years before we totally eliminate the deficit. i agree. but i must say that some time ago, i got this very telling
research finding indicating that if we had had spending that we had four years ago, we would've had no deficit now. erik: the support you relied on for the impeachment in congress is fragile, shall we say. the brazilian people themselves are not in love with the idea of austerity. how do you maintain the momentum for the bold reforms you have announced over the past four months during your interim as president, the very same reforms domestic business people and foreign investors are counting on to revive the economy? how do you maintain that momentum? pres. temer: we are totally changing the business climate in the country. furthermore, may i state for the record that there has been a tremendous resumption of confidence and trust. first, we were able to reestablish hope, and now we are managing to reestablish trust,
which will trigger an inflow of more investments. of course, there is some degree of resistance to innovation, at times. it all depends, a certain extent, on the way we are able to communicate or the way we are able to properly explain the reforms. at this point in time, we already see brazilians and the brazilian population beginning to understand that these reforms are absolutely key and essential to recover and resume hope and trust in the country. john: earlier today, the central bank cut interest rates. are you happier with the current level of interest rates? pres. erdogan: i see the central bank cuts as a steady, careful, and balanced cut. because it is not right to make sudden moves up or down that could contain some violence that
could create a tremor in the economy. but i believe it will be beneficial to continue this steadily. right now, the new administration of the central bank, since they took office, they have been carrying out cuts and taking into consideration the interest rate policies of the government. i and i think this is an important signal, especially for investors. my hope is that the other banks will take this signal that the central bank has given, that they also heeded and opened the way for investors. however how you hold interest rates in the country, you remove investment in the country if you raise the interest rate. in a country where there is no
investments, we cannot talk about development. we can only talk about development in a country where there is investment. we have been pushing this issue, but we still have not seen the speed and stability in investments we wish to see. if interest were low, investors would get credit immediately and start to invest. when interest rates are high, they cannot invest. right now, despite this, our investors are making investments. i say let's look at america as an example, europe, japan, and accordingly, let's bring interest rates as low as possible. angie: coming up, we will look at global politics and finance through a different lens, with pro and con opinions on the transpacific partnership. plus, ceo's who see upside in china and india. and larry fink comments about the central bank.
>> are the central banks working? the fed and the boj are working so will they be effective? >> they are trying hard and the fact is there is only a limit to what monetary policy can do and they accept that. from the very beginning of the 2008 crisis. unfortunately, fiscal policy and other policies have not been there so they have been the only game in town. what we are now seeing particularly in japan is not enough. they will have to do something else. angie: tpp, is that a solution? abe has been hanging his hat on tpp. >> no, tpp is not really a trade agreement.
they made a big deal of it being the largest trade agreement with 40% of the global trade but it is not the answer. tpp is a corporate agreement written by corporations for corporations to ensure that big pharma had an advantage over generics. a battle between two corporate sectors to make sure it was more difficult to pass regulations, to protect the environment and even the soundness of the economy. it's a corporate agreement to do what they could not do through the legislative process. angie: that was nobel laureate joseph stiglitz giving me his view of the transpacific trade agreement. later in the week, michael bloomberg and u.s. secretary of commerce penny pritzker discuss the strong support of the tpp.
michael bloomberg is the founder majority owner of bloomberg lp, the parent of bloomberg news. >> we villainize global trade. the truth is its technology that's hurting our economy and the only way to work out of that because you cannot stop the growth of technology is to build more markets for us. we've got to be able to sell our goods and services. that's why tpp is important and that's why the commerce department is so important and the export bank is so important. all these things create jobs for americans. david: you wrote powerfully about that recently about tpp how important that is. tell us why that is so critical? >> if we don't do tpp, these countries will sign trade deals with china and we will be left out of that market. it is half the people in the world live in asia. you cannot not do business in china and if we have our hands
tied from lack of contact or treaties, it just does not bode well for america. it's easy to stand up there and blame global trade for everything. the truth is be have it stayed within a world where we cannot stop this and if we are going to be jobs for americans over here, we have to sell our products over there. we are going to have good bargains for our consumers we have to be able to trade and buy things from overseas. it's a two-way street but the fly in the ointment is technology which will give the spoils to those of the better education so we have to work in our education system and the more business be do, it can make up for the technological disruption in the job market. >> there are two reasons we have to do tpp, one is economics, our ability to sell goods around the world is critical. tpp gives us market access and the second is strategic.
it's important that america leads. we have to set the rules of global trade. global trade will go on whether we are participating or not. it's up to the united states to lead and we have done a major deal with 11 countries. fastest growing economies in the world. fastest-growing marketplace in the world. now we have to take advantage of this. david: is it dead? can it be passed? in the lame-duck session? penny: i think it's absolutely possible to get done. the president has been a leader on this and has been working with congress. all of us have been working with various members in the senate and the house about the importance. we have been helping to demonstrate within their districts, and so the jobs that depend on our ability to sell around the world. no, it's not dead. angie: we also spoke with a number of ceos this week on bloomberg television who shared shared a range of perspectives on doing business in the global
financial climate. let's start with joe caser of siemens. >> there is a lot of uncertainty in the marketplace. basically it is affected by the geopolitical tightness in the world. so 2017 will be yet another complicated year. haslinda: you continue to be concerned about geopolitics. what exactly do you see? >> honestly, when we laid out our guidance for 2016 in november of 2015, people asked me what is the single biggest concern about achieving your guidance. is it competition or technology but it's neither. it is about the geopolitical environment. which, you know, it gives a lot of uncertainty to our customers about investing.
if people don't invest in new manufacturing and don't invest in renewable energies or to health care technology, these are our revenues, our bookings. i wished i was wrong at that time. but if i look back from then to now, the geopolitical uproar has been rising. haslinda: add to that brexit, how is it impacting your business in the uk and your decisions for the future? >> we need to deal with what the uk people have voted for. on the other hand we must not jump overboard now and say it is terrible. it is not. however we need to know what the milestones are going forward. i don't need a yes or no about the brexit. i don't need to know what it is.
i only need to know is how long will it take to people make certain decisions about something. >> you think that despite volatility and uncertainty, you think this could turn around the brexit being an advantage to european markets? >> it's clear that brexit has fundamentally changed the big picture and we are in a place where political risk and volatility for the moment is on the side of the uk. the risk/reward ratio for europe, for continental europe in particular is definitely improving. we are observing a movement of reallocation of assets which is interesting. exactly as you said, it's making continental europe and the eurozone more relevant. think about the fact that before the brexit decision 71% of the gdp of the european union was produced within the eurozone.
after brexit, it was 86%. the eurozone is becoming extremely relevant. there are too many people who thought brexit would not happen who are telling us today that life will go on. any organization that plans business with the 450 million people with relatively high -- with strong a commercial coverage in europe would pool of savings in europe. anybody who wants to touch that market, to continue to invest in the market, should weigh carefully its options and not wait for the uncertain outcomes of the negotiations. >> the way the chinese are looking at the economy, they don't talk about gdp.
they don't talk about gdp. officials talk about consumption. railway capacity and exports. they talk about exports. when you look at the four or five key matrix they look at, they are moving slowly but surely in the right territory. if i stand back, the drop that we experienced two or three years in china seems it will reach a floor and therefore we are becoming more cautiously optimistic. jonathan: will we see your view of china show up in things like copper and iron ore in the medium to short-term? >> we need to step back and remember that winter is coming in china. during the winter, construction reduces. in a big way. the fundamentals of china are moving in the right direction but in the short-term, we would expect prices to remain
volatile. so medium and longterm, we can see the price recovery. it varies from one to the other. we believe that copper will be the first thing to come out of the twilight zone. but in the short term volatility would remain a key feature of the market. cory: i suppose india is up? >> india is as big a contribution as india was this past quarter come i personally believe the potential for us is 10 times but it is now. the market is so enormous. cory: is there something about where oracle is now focused on the clouds and where india is right now and that adoption could happen now? and couldn't have before? >> that is exactly it. with cloud technology, you can deliver much more quickly and at a much lower price.
both of those things are very important in india because you can scale fast and they are on a short timeframe. the chief minister wants to have things up and going throughout his state in three years, not 15 years like plans usually are. for us, we can get everything going in the next year and be delivering to the citizens right away. and additionally with cloud technology, it allows you to benefit from massive economies of scale. you can handle the industry from all sizes, from very small farmers in remote villages all the way to some of the largest industrial companies in the world which are based in india. we can cover all of it and scale all the way to full size with the cloud. ♪
angie: you are watching "bloomberg best." i'm angie lau. after the federal reserve and the bank of japan may policy decision this week, there is more fodder for debate over the role of central banks. their influence on markets and their impact on economies. let's review some of the discussion on bloomberg television starting with larry fink. erik: we are eight years into the bull market and the fed just held rates at 25 basis points for the sixth consecutive meeting. stocks are up in bonds are rallying and the dollar is weaker. what is wrong with this happy picture? larry: we are just continuing the same environment in which savers are being harmed, pension funds are having serious issues related to their liabilities and the gap between the assets and
liabilities are increasing. the problems are getting more significant. insurance companies are having a difficult time and they have to go back to the insured and asking them to pay more so we're seeing a real impact of low and persistently low interest rates and negative interest rates on savers. we are benefiting debtors. my view is this is of the big reasons why we have such anger in the world, anger related to brexit, anger in our political process because from my perspective, as you said, the equity markets are up and i'm sure the real estate market is doing better with the persistence of lower rates. people with capital are really enjoying this environment. people who are just saving every day to help build a nest egg for retirement or a nest egg enough to buy a house or a nest egg for
their children's future, they are being harmed. we are seeing a real division. erik: surely the fed sees what you see and understands what you understand. larry: i don't think they truly understand this. i actually believe these are incredibly smart, articulate bankers who are trying to stimulate the economy. i would also say they are the only bold characters in the economic scheme because we have seen an absence from politicians to reengage in extraordinary fiscal measures to get this going again. david: it seems like the more the central banks cut the rates or hold their rates low, there is more of a bond rally and the price of bonds go up. is this sustainable long-term? >> no. david: that's a simple answer. >> when do we see it turn?
alan: i like to think of this type of bond market in terms of price-earnings ratio. if this were stock market indicator, we would be running for cover. i think this tells you there is a speculative element involved in this market which cannot persist. we're at unprecedented historic lows and i like to argue that we are working against human time preference and it cannot go on indefinitely. in my judgment, it's just a matter of time before long-term rates go up. short-term rates are in the complete control of central banks but the critical interest rate is usually 3-5 years or five years. i like to watch the 5-year note
as the general view of the marketplace. that is something which cannot stay down at these levels indefinitely. i think it's just a matter of time before it moves. mark: does the fact that the boj tweaked at the edges tell us we are witnessing the end of qe infinity? >> boj is the central bank that has brought more bonds and assets as a percentage of their economy. over 100% of gdp. japan is almost a giant hedge fund. clearly they have realized that qe has some limits and having negative interest rates is a burden for some parts of the economy. it has some collateral effect because banks don't lend if they don't make a profit. you are trying to ease and create a wealth effect on the one hand, but then banks don't lend and you have credit contraction and it's
self-defeating. they have creating a yield target and they will buy less jgb's, but other central banks are a bit confused like the fed and continue to ease and therefore we have a contrast between some central banks with their limits and doubts like the boj and the fed which has not hiked yesterday and they were trying to be hawkish but in the end, they were not. mark: you say the window is closing. >> the window is closing on the u.s. economy. some of the momentum is pretty flat. you don't have many hikes to do before the economy starts slowing. mark: they say the economy will slow this year. just one hike. by that alone the economy is not as strong as some might assume. >> they have lowered their forecasts and the economy is lowering and election risk and that creates volatility.
investment decisions would be delayed because of that. joe: people talk about how the japan economic situation may be the future for central banks. in europe and the u.s. has the boj charted new territory and monetary tools that the fed should consider down the road in another easing cycle? >> i would say that exactly the lessons that governor brainard emphasized in her speech 10 days ago was that the lessons from japan are lessons that are relevant for the fed today. the extent to which the u.s. could get in a situation where it has a 2% target but it is really struggling to push inflation upward and it's struggling to gain credibility with markets and wage and price setters and inflation continues to fall short year after year.
the fed has a clear target of 2%. janet yellen emphasized they are fully committed to achieving that. achieving that target could easily mean they follow a policy where there is some modest overshooting. i don't think they should be scared of that. tom: she was framing out the nuances of what they were doing and i was stunned that she said one of the risks is "we could cause a recession." can the fed cause a recession? >> of course they can and they have. in the past almost necessarily in some cases when inflation was high. the question is, what policies rate would cause that recession? that is what they are quarreling with. some would suggest the new fed -- that the neutral feds funds rate is 1.5% and some say higher. there is no doubt in a highly
leveraged world, highly leveraged financial economy that a 25 basis points or 75 basis point increase might just tip an economy over into recession. michael: you take it is a almost a pledge from janet yellen that they will raise rates in december of nothing untoward happens? bill: no, i don't think anything is a pledge from janet yellen anymore. it is all confusing. i mean, there are hawks and doves and perhaps of course, a few chickens. the stock markets are high-end stable so perhaps we could see one. if the markets are high in stable then perhaps we will see one. no guarantees and confusing rhetoric not only today but in prior weeks and i expect in
matt: you can sort through all different sorts of events and activities from shipping lines to nuclear plants to pipelines. i put in pipelines and picked up colonial. they owned and operated the pipeline that burst in alabama. angie: there are about 30,000 functions on the bloomberg and we enjoy showing you our favorites. maybe they will become your favorites, too. here is another function you will find useful. quic, where you can get important context and insight into timely topics.
here's a quick take from this week. >> this thick blanket of smoke is known in southeast asia as the haze. during the dry season, there are massive forest fires to clear land for agriculture. the resulting smog periodically evelopes the country's furious southeast asian neighbors singapore and malaysia. deforestation creates the same amount of greenhouse gases each year as cars, airplanes and other modes of transportation combined. perhaps unsurprisingly the fires have made indonesia one of the worst global warming offenders. here is the situation. the fires come from paper and palm oil plantations that use illegal slash and burn techniques twenty times cheaper than any other method of clearing land. indonesia produces half of the palm oil up each year which is why the user product that make things like mayonnaise and makeup.
there is good news for the the deforestation has slowed by 1/3. a lot of the improvement can be seen. we've gone from destroying force twice the size of belgium to the size of denmark. a lot of that improvement can be seen in brazil's amazon. in 2011, indonesia overtook brazil is the number one country forest loss. environmental groups say indonesia needs to follow the lead of other countries that have slowed deforestation by strengthening the moratorium on permits. indonesia says it needs financial help in the process of identifying those responsible takes time. researchers say it could take up to a decade to stop the burning the causes the haze. angie: that was one of the many quick takes you can find on the bloomberg. you can also find them at bloomberg.com, along with the latest analysis and business analysis 24 hours a day. that is it for "bloomberg best," thank you for watching. i'm angie lau. this is bloomberg.
emily: i am emily chang and this is the "best of bloomberg west." we bring you all the top interviews from the week in tech. coming up, apple's plans for a self driving car back in the driver seat. does it tight up with the formula one mclaren, make sense. how about electric scooter maker lit motors? liftoff for gopro, this week the company unveiled the drone, he -- the ceo nick woodman explains why this is the product to get his company backed on track. linkedin out in the first major out with their first major product line since the deal with microsoft.